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State bankruptcy laws permit you to exclude certain property from seizure, including your home. In Tennessee, homestead exemptions are covered under state law. Tennessee's homestead exemption allows homeowners to deduct up to $5,000 off their upcoming tax return for their principal place of residence.What is the homestead law in Tennessee?
Tennessee’s homestead law serves to protect the heritage of family land during difficult economic times. Under the homestead protection, a resident of Tennessee does not have to give up their entire property to creditors if they are facing economic hardships. The home that is being vouched for as a homestead must be the primary residence of ...What states have the homestead law?
State, federal and territorial homestead exemption statutes vary. Some states, such as Florida, Iowa, Kansas, Oklahoma, South Dakota and Texas have provisions, if followed properly, allowing 100% of the equity to be protected. Other states, such as New Jersey and Pennsylvania do not offer any homestead protection.